Natural Gas Futures: Bounce has further legs to go

Considering advanced prints from CME Group for natural gas futures markets, open interest rose by nearly 2K contracts after two daily drops in a row on Wednesday. On the other hand, volume remained choppy and shrank by around 102.6K contracts.

Natural Gas remains supported by the 200-day SMA

Wednesday’s gains in prices of natural gas were on the back of rising open interest, paving the way for the continuation of the rebound in the very near term. So far, prices of natural gas face decent contention around the 200-day SMA, today near the $6.50 mark per MMBtu, a zone coincident with recent lows.